As an Austin Realtor, I try and stay up to date with all of the news and information regarding economic developments that will affect Austin real estate values. Over the last couple of years, there have been many rumors regarding several large companies relocating to Austin and several large scale commercial developments that would help bring Austin into the nationwide spotlight. Some examples of confirmed projects that started as rumors include the new $360 million Schlitterbahn water park resort that is due to begin construction next year in the Cedar Park area that is expected to be built in four phases and will include a convention and retail center. Another verified planned development includes a $250 million Formula 1 (F1 Racing) facility to be constructed in time for the 2012 race year. Though the location for the facility has not been announced, rumor has it that it will be in the Dripping Springs area. Other rumors about projects that have come and gone or might still be in the works include a Six Flags amusement park in the Liberty Hill area. A good friend of mine that works as an estimator for the largest fencing company in the area had told me that the Six Flags corporation had already purchased the land and was getting bids on various phases of the buildout. This was before Six Flags filed for Chapter 11 bankruptcy which more than likely killed those plans. Another more recent rumor is that Disney has been looking at a tract of several hundred acres in the Bastrop area in consideration of building a Disney amusement park. Again, these are rumors that have not been substantiated by any official information from Disney or government officials. The fact that Austin is only 1.5 hours from San Antonio, and 3 hours from the Houston and Dallas areas makes Austin an ideal location for major commercial developments that residents from the entire state can enjoy. So you might ask yourself why would I as a realtor in Austin make an effort to fuel some of these rumors that are floating around? It's not to try and speculate on the potential increase in local property values or to cause people to want to move into the Austin area, but rather, my intent is to provide a different perspective to those living in Central Texas that may have never considered the possibility or probability that Austin is on the verge of becoming a major influence on the economic growth of not only Texas, but the U.S. as well.
To learn more about Austin real estate visit my Austin Realtor website.
Tuesday, June 29, 2010
Sunday, June 6, 2010
Life as an Austin Realtor
As I'm watching the television show "Two and a Half Men", I can't help to laugh how Evelyn Harper, the main characters' mother is portrayed as a blood sucking Realtor. In this particular episode, her son Charlie, played by Charlie Sheen, is trying to connect with her emotionally, but shortly into the conversation, she receives a call from a local cardiologist letting her know that his patient, who lived in Beverly Hills just died. Without delay, Evelyn cuts the conversation short and flies out the door before "the rest of the blood sucking vampires" hear about the potential listing. Though, my life as an Austin Realtor may not be as glamorous or dramatic or even comical as a Realtor in Beverly Hills, I have to ask myself "Do I cut people off or put important conversations on hold or miss important events for the sake of a potential client?" In all honesty, I more than likely have missed some of my son's school events or rescheduled lunch with my wife in hopes of getting a new listing or client. I've even come to accept that Sundays and evenings are part of the "normal" working hours as a Realtor in Austin. I know that many other Realtors will argue or comment that boundaries must be set, and I completely agree with them, but the trouble I have is finding where those boundaries are. Trying to find the definition between "work" time and "personal" time is something that I've always struggled with. Part of my coping mechanism has been to befriend all of my clients so that the time I spend with them either on the phone or in person feels more like recreation than work. Don't get me wrong, there is no replacing spending time with my family or close friends, but I find that by really getting to know my clients, I better understand their needs and wants as well as it helps build a lasting relationship, far beyond the closing of the sale. As my son gets older (he's currently 4) I know that he is going to demand more of my time to make sure that he never feels neglected or ignored. I don't think that he's going to understand when I try to explain to him that Daddy has to go to the sports bar for a "networking" event or that I am constantly on the computer working on a deal or making sure that my website is the best that it can be. Austin is a highly competitive and technologically advanced business center. In the Austin real estate market, it is a constant effort to make sure that you are on the leading edge of technology in reaching prospects, promoting your listings and making yourself "relevant" to not only the general public but to Google, Bing and Yahoo as well. I used to think that being on Facebook, Twitter and YouTube was for solely for social and recreational enjoyment, but I've come to learn and incorporate those sites as a new channel of communication to reach my family, friends, clients and associates to let them know that I do have interests and a life outside of real estate. All in all, I love being an Austin Realtor, I just hate having to call it work.
Visit my austin real estate site at www.romeom.com
Visit my austin real estate site at www.romeom.com
Thursday, May 13, 2010
Sometimes it's better to just hire an expert!
As the summer months approach, I always get the itch to start a new home project. The long hours of daylight provide a perfect excuse to upgrade the landscaping, paint the exterior trim or take on a more adventurous challenge like building a deck. Despite my enthusiasm to learn new things and take on new challenges, sometimes I have to admit to myself that I may not be the handyman that I think that I am. These 10 questions are the ones that I ask myself to bring me down to earth when I’m stuck in the power tool section of Home Depot daydreaming about what I’m going to build next.
1. Do I have the skills needed? Some people are just born with two left hands.
2. Can I learn it as I go? If you can, try it. There’s a lot of how to information on the web, but, don't risk it if it's a major capital improvement project on your home or a potentially dangerous undertaking.
3. Do I have the time? Sometimes, we have the skill to do the work ourselves, but don't have sufficient time to devote to the home improvement project or repair. There’s nothing worse than a weekend project that takes months to complete.
4. Do I have the money? Even if you do it yourself, you'll need money upfront to buy supplies, building material, and tools. Sometimes this isn't worth the investment if these items will only be used once.
5. Do I have the tools for the job? If you don't, think carefully about investing in tools that only serve a limited purpose. It's one thing to buy drop cloths, brushes and other paint supplies. Chances are, you'll put these to good use over time. It's quite another thing to invest in specialized equipment or tools that serve a limited purpose. You can always rent tools, but that can get expensive and usually if you break it, you bought it.
6. Is it worth my time and money? Your time and money is valuable. If you can use someone else's time and access to professional tools, supplies and equipment, it might be worth it.
7. Is it safe or healthy to do the work? There's no reason to put yourself or your family at risk. Summertime outdoor temperatures can reach over a 100 degrees. Heatstroke and dehydration can be silent killers unlike falling off a roof which can be a bit noisy.
8. Are there potential hazards if I do the work? Getting up on a ladder or climbing a roof may look easy, but if it’s not something that you normally do, you may be risking more than your project.
9. Are there reasonable alternatives in my area? For example, if it makes sense to have an appliance store remove a refrigerator after installing a new one, do it. Especially if it saves you time, money or injury. Getting injured while trying to impress your spouse doesn’t benefit anyone.
10. Can I get a good recommendation on a painter, plumber, electrician, or other skilled tradesman? If your neighbors or friends can recommend someone who does quality work at a reasonable price, you may want to consider this.
After asking myself these 10 questions, I usually opt to hire someone else to do the work unless it’s a project I know that I can complete on time, within budget, look professional and most importantly, won’t maim or injure myself or those around me. Visit my Austin Real Estate site for more useful tips and information.
1. Do I have the skills needed? Some people are just born with two left hands.
2. Can I learn it as I go? If you can, try it. There’s a lot of how to information on the web, but, don't risk it if it's a major capital improvement project on your home or a potentially dangerous undertaking.
3. Do I have the time? Sometimes, we have the skill to do the work ourselves, but don't have sufficient time to devote to the home improvement project or repair. There’s nothing worse than a weekend project that takes months to complete.
4. Do I have the money? Even if you do it yourself, you'll need money upfront to buy supplies, building material, and tools. Sometimes this isn't worth the investment if these items will only be used once.
5. Do I have the tools for the job? If you don't, think carefully about investing in tools that only serve a limited purpose. It's one thing to buy drop cloths, brushes and other paint supplies. Chances are, you'll put these to good use over time. It's quite another thing to invest in specialized equipment or tools that serve a limited purpose. You can always rent tools, but that can get expensive and usually if you break it, you bought it.
6. Is it worth my time and money? Your time and money is valuable. If you can use someone else's time and access to professional tools, supplies and equipment, it might be worth it.
7. Is it safe or healthy to do the work? There's no reason to put yourself or your family at risk. Summertime outdoor temperatures can reach over a 100 degrees. Heatstroke and dehydration can be silent killers unlike falling off a roof which can be a bit noisy.
8. Are there potential hazards if I do the work? Getting up on a ladder or climbing a roof may look easy, but if it’s not something that you normally do, you may be risking more than your project.
9. Are there reasonable alternatives in my area? For example, if it makes sense to have an appliance store remove a refrigerator after installing a new one, do it. Especially if it saves you time, money or injury. Getting injured while trying to impress your spouse doesn’t benefit anyone.
10. Can I get a good recommendation on a painter, plumber, electrician, or other skilled tradesman? If your neighbors or friends can recommend someone who does quality work at a reasonable price, you may want to consider this.
After asking myself these 10 questions, I usually opt to hire someone else to do the work unless it’s a project I know that I can complete on time, within budget, look professional and most importantly, won’t maim or injure myself or those around me. Visit my Austin Real Estate site for more useful tips and information.
Wednesday, April 28, 2010
Doesn't ANYONE want to buy my home?
That might be a question that you may find asking yourself when you’ve seen many of your neighbors sell their homes in under a month and yours has been sitting on the market for over 5 months with no activity.
You should consider asking yourself the following questions. If you find yourself agreeing with any one of them, you may have to re-consider your home selling efforts.
1. Would you pay what you’re asking for your home? This might sound like a silly question, but I’ve had sellers say to me that they think that the market value of their house is $500,000, yet when I ask if they would pay that amount for their home, they answer no. Sellers will sometimes base their price expectations on what blood, sweat and tears they have vested in the home. A home buyer is not going to appreciate many of the personalized and customized enhancements that you love about your home. The key here is to understand that not everyone places the same values on specific improvements that you may. Separate emotions from the business of buying and selling homes.
2. Are you trying to avoid being low-balled? The true value of a home is dictated by what the market will bear. Ask anyone in California, Florida or Arizona, a home that was worth $1 million six years ago is probably only worth about half of that today. The real estate market swings up and down, more so in some markets than in others. Locally, in the Austin real estate market, we have not seen the huge swings in property values that many other parts of the country have due to our modest appreciation rates and stable economy. The key here is to have a realistic conversation with your Realtor so as to set your expectations to meet the market and to try and turn an offer that you consider to be unreasonable into an offer that you can live with.
3. Are you sabotaging your own efforts? This may sound like another silly question, but sometimes sellers may be hurting their chances of selling their home by being too restrictive with showings, not taking the advice to de-clutter and stage their homes or by not making their home feel inviting to others. You may ask yourself, “how can I make my home more inviting to prospective buyers?” Some examples would be to de-personalize your home. Everyone is proud of their family photos, but you want the buyers to imagine themselves making your home theirs rather than making them feel that they are imposing on your personal space. Foul odors caused by pets, smoking or lack of general housekeeping are sure to kill your chances to entice a buyer to make an offer your home. The key here is to be as flexible as possible with accommodating showings and to follow your Realtor’s advice as to the presentation of your home.
4. You may have picked the wrong Realtor? Contrary to popular beliefs, not all Realtors are the same. Most possess common abilities in filling out paperwork and following the rules and procedures regulated by the Austin Board of Realtors and Texas Real Estate Commission, but that’s where the commonalities end. In today’s highly competitive market, the key to getting your home sold quickly and at the maximum sales price is EXPOSURE. Just because a Realtor has been selling homes for 20+ years doesn’t necessarily mean that he or she is going to do the best job. Times have changed as has the real estate market. Marketing efforts that may have worked 10, 5 or even 2 years ago may not be as effective or in some cases may even hinder the efforts to get your home sold. It’s much like a mechanic that may have decades of automotive repair experience that suddenly finds himself without the computer diagnostic equipment necessary to repair today’s cars. In choosing a Realtor, you want to make sure that the Realtor is utilizing all of the latest technologies, including professional pictures and virtual tours, full color printed materials and interactive marketing and communication systems to keep you involved and informed. Though some may not want to admit it, channels of communication have evolved to include Facebook, Twitter, Linked In, YouTube, Google and many other online media channels to effectively market your home to online buyers. An important statistic to keep in mind is that according to the National Association of Realtors, over 90% of all homebuyers begin their home search on the internet. If your Realtor’s web presence is virtually unknown or if the online presentation of your home looks amateurish, then your listing will fail to make the necessary impression on perspective buyers. The key here is to work with a Realtor that is current with not only with the real estate market, but with the marketing technologies that will give your home the opportunity to be seen and impress buyers.
Selling a home can sometimes feel like an emotional roller coaster. By asking yourself these simple questions and being truthful with your answers, you’ll be able to make the necessary adjustments to go from selling to SOLD!
For more guides on effective selling your home or what questions to ask your next Realtor, visit my Austin Real Estate site at http://www.romeom.com/ .
You should consider asking yourself the following questions. If you find yourself agreeing with any one of them, you may have to re-consider your home selling efforts.
1. Would you pay what you’re asking for your home? This might sound like a silly question, but I’ve had sellers say to me that they think that the market value of their house is $500,000, yet when I ask if they would pay that amount for their home, they answer no. Sellers will sometimes base their price expectations on what blood, sweat and tears they have vested in the home. A home buyer is not going to appreciate many of the personalized and customized enhancements that you love about your home. The key here is to understand that not everyone places the same values on specific improvements that you may. Separate emotions from the business of buying and selling homes.
2. Are you trying to avoid being low-balled? The true value of a home is dictated by what the market will bear. Ask anyone in California, Florida or Arizona, a home that was worth $1 million six years ago is probably only worth about half of that today. The real estate market swings up and down, more so in some markets than in others. Locally, in the Austin real estate market, we have not seen the huge swings in property values that many other parts of the country have due to our modest appreciation rates and stable economy. The key here is to have a realistic conversation with your Realtor so as to set your expectations to meet the market and to try and turn an offer that you consider to be unreasonable into an offer that you can live with.
3. Are you sabotaging your own efforts? This may sound like another silly question, but sometimes sellers may be hurting their chances of selling their home by being too restrictive with showings, not taking the advice to de-clutter and stage their homes or by not making their home feel inviting to others. You may ask yourself, “how can I make my home more inviting to prospective buyers?” Some examples would be to de-personalize your home. Everyone is proud of their family photos, but you want the buyers to imagine themselves making your home theirs rather than making them feel that they are imposing on your personal space. Foul odors caused by pets, smoking or lack of general housekeeping are sure to kill your chances to entice a buyer to make an offer your home. The key here is to be as flexible as possible with accommodating showings and to follow your Realtor’s advice as to the presentation of your home.
4. You may have picked the wrong Realtor? Contrary to popular beliefs, not all Realtors are the same. Most possess common abilities in filling out paperwork and following the rules and procedures regulated by the Austin Board of Realtors and Texas Real Estate Commission, but that’s where the commonalities end. In today’s highly competitive market, the key to getting your home sold quickly and at the maximum sales price is EXPOSURE. Just because a Realtor has been selling homes for 20+ years doesn’t necessarily mean that he or she is going to do the best job. Times have changed as has the real estate market. Marketing efforts that may have worked 10, 5 or even 2 years ago may not be as effective or in some cases may even hinder the efforts to get your home sold. It’s much like a mechanic that may have decades of automotive repair experience that suddenly finds himself without the computer diagnostic equipment necessary to repair today’s cars. In choosing a Realtor, you want to make sure that the Realtor is utilizing all of the latest technologies, including professional pictures and virtual tours, full color printed materials and interactive marketing and communication systems to keep you involved and informed. Though some may not want to admit it, channels of communication have evolved to include Facebook, Twitter, Linked In, YouTube, Google and many other online media channels to effectively market your home to online buyers. An important statistic to keep in mind is that according to the National Association of Realtors, over 90% of all homebuyers begin their home search on the internet. If your Realtor’s web presence is virtually unknown or if the online presentation of your home looks amateurish, then your listing will fail to make the necessary impression on perspective buyers. The key here is to work with a Realtor that is current with not only with the real estate market, but with the marketing technologies that will give your home the opportunity to be seen and impress buyers.
Selling a home can sometimes feel like an emotional roller coaster. By asking yourself these simple questions and being truthful with your answers, you’ll be able to make the necessary adjustments to go from selling to SOLD!
For more guides on effective selling your home or what questions to ask your next Realtor, visit my Austin Real Estate site at http://www.romeom.com/ .
Thursday, April 15, 2010
Another Tax Deadline for Austin Homeowners
As Tax Day expires, many Austin Texas homeowners may not want to hear the word "taxes" anytime soon, but the truth is that there is another tax deadline approaching. The deadline to protest your Texas property taxes is May 31st. If the county assessed value of your home is nowhere near what the actual market value is, time is running out to make sure that you don't overpay your property taxes. Here are 8 things that you may or may not know about property taxes here in the Austin area.
1. Your property tax appraisal is required by law to be at 100% of market value and be equitable in comparison to the tax appraisals of similar properties.
2. The “Homestead Exemption” will reduce the property tax on a homesteaded property, sometimes dramatically. You can apply for a “Homestead Exemption” up to one year in arrears, so it is possible to go back and get a refund for a missed 2008 “Homestead Exemption” until January 31, 2010.
3. Homeowners 65 years of age qualify for special exemption amounts and a “school tax freeze” that makes certain their school taxes, and some county or city taxes, can never go up. Disabled homeowners now qualify for the same “school tax freeze” as over-65 homeowners.
4. Homesteads owned by Veterans classified as 100% disabled due to service related causes are not 100% exempt from property taxes.
5. Look for the “Appraised Value (Possible Homestead Limitation)” on the Notice of Appraised Value. Compare the Last Year 2009 Value to the Proposed 2010 Value. It should not increase more than 10% unless you have added square footage to your home. If it does increase more than 10%, call the Appraisal District at 512.834.9138 and find out why.
6. Property Tax Appraisals are made as of January 1st of each year. If a home burns to the ground on January 2nd, property taxes are still levied on the structure for the entire year. To delay taxes, build your pool or add on or to a major remodel after January 1st. It isn’t taxable until the following January 1st and you will not have to pay the tax increase until the following January.
7. The statutory deadline for filing written protest is May 31st of each year. It is no longer necessary to file a protest with multiple Appraisal Districts. If your property is in Travis County the appeal is filed with Travis CAD. If your property is in Williamson County the appeal is filed with Williamson CAD.
8. If you miss the May 31st filing deadline, all is not necessarily lost. If you can prove the Proposed Tax Appraisal is at least 25% too high you can file a “Substantial Error” motion until January 31st of the following year and still get the value reduced. Also, if you can prove that the Appraisal District failed to send you a required notice you can file a “Failure to Receive” motion by January 31st of the following year and be entitled to an Appeal hearing. Lastly, under Section 25.25(h) of the Property Tax Code, you can beg the Chief Appraiser to review almost any issue. He has the authority to review and modify anything with a signature.
If you have any questions, free to visit our Austin real estate site to learn more about Austin home values and homes for sale.
Wednesday, March 31, 2010
Should I purchase a home even after the tax credit ends?
I'm often asked this question by different people who are considering purchasing a home, but for whatever reason can't do so until later in the year past the April 30th, 2010 deadline. Some people may be changing employers, may not have the necessary down payment available or may have a home to sell before they can purchase their next home. Whatever the situation, my answer is typically YES. I'm not saying yes because I want to sell them a home, I am saying yes because when you consider other factors such as the historically low interest rates, the affordability of homes and the overall Austin real estate market and economic conditions, why wouldn't you purchase a home? This may sound a bit rehearsed, like something you would hear in a National Association of Realtors ad, but the truth is that the current interest rates that we've seen lately are some of the lowest ever. Also, when you look at not only the national but local Affordable Housing Index (AHI), homes are more affordable than ever. As most of you know, real estate is very localized and conditions differ from market to market, but luckily in the Austin area, we haven't seen the sharp decline in real estate values and overall economic conditions that many other cities across the U. S. have.In fact, if you read any of my frequent facebook or twitter posts, I am constantly posting articles from media sources such as Time Magazine, Forbes, Money and CNN about how Austin is in the top 10 cities across the U.S. in economic conditions, job growth, technology, quality of life and so on. In fact, Retirement Magazine recently named Austin the #2 city in the U.S. to retire because of the affordability of house, cost of living and overall quality of life. Don't get me wrong, I'm not trying to say that purchasing a home makes sense for absolutely everyone (as we've witnessed by the mortgage meltdown), but those that have the desire and the means to purchase a home shouldn't hesitate even after the tax credit expires. If you would like any additional information about the Austin Texas real estate market or links to any of the media sources that I referenced, feel free to contact me directly at (512) 743-7820 or you can visit my website at http://www.romeom.com/ to learn more about me or to search for Austin home listings.
Saturday, March 20, 2010
Does working with my bank make the loan process smoother?
Does working with my existing bank make the loan process smoother?
I've often had clients ask that same question over and over and my answer is always the same, No. Having worked with just about every single bank, I can tell you that if you think that you are going to get preferential treatment from your bank because you have an existing account or have had 1,2, 3 or more mortgages with them in the past, then you haven't read the news lately. With all of the recent bank mergers, acquisitions and transfers, we are really left with only a handful of large banks. Wells Fargo recently acquired Wachovia, Chase recently acquired Washington Mutual, and BofA recently absorbed Countrywide Home Loans, who at one point was the largest mortgage lender in the country. With all of the issues that come with merging the books and operations of two major banks, the customer is usually left out in the cold when it comes to getting the best interest rate on their home and timely service. Case in point, I recently had a client that had been a BofA customer for 35 years. He had paid off 2 mortgages during that time, without ever having been late a single time. When he decided to move from Idaho to Austin, he thought it only natural to get pre-approved by BofA before moving forward with his plans. He sold his home in Idaho, packed up his family in the travel trailer and expected to close on his new home the day after he arrived. Things didn't happen as planned. While making the drive to Austin, BofA notified him that he actually would not qualify for a loan because his "new" position with a new company in Austin differed from the one he had in Idaho. In reality the only thing different, was that instead of being the customer service manager, he was now the customer service director. What resulted of this whole situation? He and his family (6 people in total) ended up living in the travel trailer for 20 days, while BofA sorted everything out. Everyday, we were told that we would be able to close the next day, then the next and so on. In the end, BofA did make restitution to my clients in the form of paying for their temporary living expenses, waiving the loan origination fee and firing the loan officer that made the mistake during the pre-approval process. You may ask, why am I telling you this "horror" story? In order to let you know that when it comes to putting your life and the life of your family into somebody's hands, make sure that it is with somebody you can trust. I do have several mortgage lenders that I work with that cringe at hearing this story, that I would recommend any day over the large banks. Unfortunately, in the long term, your mortgage will probably end up in the hands of one of the large banks anyways, but that's a different story.
Visit my main Austin Real Estate Website to view more blog discussions.
I've often had clients ask that same question over and over and my answer is always the same, No. Having worked with just about every single bank, I can tell you that if you think that you are going to get preferential treatment from your bank because you have an existing account or have had 1,2, 3 or more mortgages with them in the past, then you haven't read the news lately. With all of the recent bank mergers, acquisitions and transfers, we are really left with only a handful of large banks. Wells Fargo recently acquired Wachovia, Chase recently acquired Washington Mutual, and BofA recently absorbed Countrywide Home Loans, who at one point was the largest mortgage lender in the country. With all of the issues that come with merging the books and operations of two major banks, the customer is usually left out in the cold when it comes to getting the best interest rate on their home and timely service. Case in point, I recently had a client that had been a BofA customer for 35 years. He had paid off 2 mortgages during that time, without ever having been late a single time. When he decided to move from Idaho to Austin, he thought it only natural to get pre-approved by BofA before moving forward with his plans. He sold his home in Idaho, packed up his family in the travel trailer and expected to close on his new home the day after he arrived. Things didn't happen as planned. While making the drive to Austin, BofA notified him that he actually would not qualify for a loan because his "new" position with a new company in Austin differed from the one he had in Idaho. In reality the only thing different, was that instead of being the customer service manager, he was now the customer service director. What resulted of this whole situation? He and his family (6 people in total) ended up living in the travel trailer for 20 days, while BofA sorted everything out. Everyday, we were told that we would be able to close the next day, then the next and so on. In the end, BofA did make restitution to my clients in the form of paying for their temporary living expenses, waiving the loan origination fee and firing the loan officer that made the mistake during the pre-approval process. You may ask, why am I telling you this "horror" story? In order to let you know that when it comes to putting your life and the life of your family into somebody's hands, make sure that it is with somebody you can trust. I do have several mortgage lenders that I work with that cringe at hearing this story, that I would recommend any day over the large banks. Unfortunately, in the long term, your mortgage will probably end up in the hands of one of the large banks anyways, but that's a different story.
Visit my main Austin Real Estate Website to view more blog discussions.
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